Combining the two estimates will give us an idea of how many foreclosures might be affected by fast-tracking. We also use LPS data to calculate the average duration of the foreclosure process, which we need to estimate the amount of time that fast-tracking could save in the foreclosure process (average duration minus our two-month assumption).
Fast-Tracking Could Have Saved Creditors $24 Million-$129 Million in 2013 Days Daily Number of Total cost saved carrying loans in savings, (A) costs, foreclosure dollars dollars (C) (AxBxC) (B) Scenario Ohio 1 8 75 40,000 24,000,000 2 31 75 40,000 93,000,000 3 43 75 40,000 129,000,000 Scenario Pennsylvania 1 9 75 36,000 24,300,000 2 14 75 36,000 37,800,000 3 20 75 36,000 54,000,000 Source: RealtyTrac; Lender Processing Services; authors' calculations.
Crafting legislation that adequately balances the interests of creditors and homeowners while meaningfully fast-tracking foreclosures is no simple task, and would likely require the input of creditors, communities, foreclosure attorneys, and the judiciary.
And then, there are extreme conditions and extenuating circumstances such as the need to fast-track office space for companies displaced by the 9/11 World Trade Center attacks Generally, the decision to fasttrack a corporate interiors project is, unlike retail fast-tracking, not economically-driven.
Fast-tracking also requires a different organizational approach to construction because tasks have overlapping production schedules rather than being addressed in the traditional, sequential method of project delivery.